Nationwide customers with certain accounts are set to benefit from bonus payments, boosting their income. The value of these payments will be determined by the amount they have in savings and their interest rate.
Nationwide customers will earn additional money through the interest accrued on their savings. A variety of accounts are available for customers, with one of the most potentially lucrative being the One-Year Fixed Rate Cash ISA.
This account offers a 4.1 percent interest rate and allows customers to deposit a lump sum for 12 months, receiving the bonus at the end of the term. For instance, someone with £5,000 to invest would earn an extra £205 in a year’s time. Meanwhile, a saver with £10,000 could gain an additional £410.
The more households can save, the more they will earn in interest a year later, reports Birmingham Live. Nationwide, which has 17 million customers and a range of savings accounts, may be worth exploring for savers looking for the best options to maximise their earnings.
Financial experts advise savers to shop around for the best deals on the market to maximise their potential earnings. Despite better options being available and the ease of setting up a new account, millions of people remain with the same accounts with poor interest rates for years.
Nationwide Building Society promotes its One-Year Fixed Rate Cash ISA as an opportunity to “Earn tax-free interest on a lump sum. Lock it away for one year, know your interest rate won’t change. A withdrawal in the term closes the account and an early access charge applies.”